Question

7. A patent is an example of a rare and valuable resource. Indicate whether the statement is true or false and also justify it.

Answer 1

Answer:

True.

Explanation:

Patent can be defined as the exclusive or sole right granted to an inventor by a sovereign authority such as a government, which enables him or her to manufacture, use, or sell an invention for a specific period of time.

Generally, patents are used on innovation for products that are manufactured through the application of various technologies.

Basically, the three (3) main ways to protect an intellectual property is to employ the use of trademarks, copyright and patents.

Hence, a patent is an example of a rare and valuable resource because it protects the intellectual property of an individual or business entity and as such serves as a medium for gaining royalties or valuable economic benefits.